Housing Trends 2024: A Snapshot

Planning to buy or sell a home in 2024? Wondering about the housing market's outlook after the challenges of 2023? Here's a brief overview:

1. Mortgage Rates Expected to Ease: Recent trends show a decline in mortgage rates, providing relief for buyers facing affordability issues. Economists like Mark Fleming and Jessica Lautz anticipate this downward trend to continue, fostering a more favorable market in 2024.

2. Potential Growth in Housing Supply: As rates ease, the housing market is expected to become more dynamic. Increased activity is likely as more buyers and sellers re-enter the scene. Lisa Sturtevant suggests that the supply of homes for sale will grow in 2024, especially as rates approach 6.5%.

3. Moderation in Home Price Growth: Affordability gets a boost as home price growth is projected to moderate. According to the Home Price Expectation Survey (HPES) from Fannie Mae, experts foresee slower growth in 2024, with a predicted increase of 2.4%.

Experts are optimistic about 2024, foreseeing a better year for the housing market. Signs indicate a turning point with slight home-price gains, easing inventory constraints, and increased transaction volume. For the latest updates, consider partnering with a trusted real estate agent as you navigate the opportunities in the new year.